Tax News: MyData

Consistent with our commitment to keep you updated on the most significant developments, we wish to inform you that upon commencement of the MyData reporting process (as from 1st October 2020), the Independent Authority of Public Revenues (IAPR), issued a Public Release according to which:

• Entities can submit revenue and expenses related data under MyData process in relation to 2020 only for the period from 1st October through to 31st December. Exceptionally, entities that will opt for e-invoicing incentives through the use of a Certified E-invoicing Service Provider in relation to year 2020, these should transmit their revenue related data under MyData process for the period as from 1 January 2020 onwards.
  
  
• It appears that 2020 is considered as a testing/pilot period for companies participating in MyData process.
  
  
• As from 1 January 2021, submission of data under my Data process is considered as mandatory.
  
  
• As from 5 October 2020 the Service Center for Tax Payers will be able to receive by phone and address any queries raised by in relation to MyData process.

In view of the above, it seems that entities can start transmitting relevant data in relation to the last quarter of 2020 as soon as possible in an effort to achieve a smoother transition to MyData reporting process as 1 January 2021 onwards.